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Property advice | Mortgage guide | Mortgage glossary

Mortgage guide: Mortgage glossary

Listings for N

negative equity
- situation which occurs when the amount loaned against a property is in excess of the market value of the property.

net profit
- the income of a company or self employed business after making full allowance for the expenses of running the business (and, in the case of a limited company, corporation tax.) This should be the amount available to the owners of the business for their own benefit and consequently is the figure that can be used to calculate their ability to service a mortgage.

net profit, declining
- where net profit from a business decreases from one year to the next. Many lenders will not lend in this situation, as in the future the business may not provide sufficient income to cover the cost of loan repayments. Capital raising remortgages are especially avoided in this situation as the borrower may be seeking funds to shore up a failing business.

new build
- refers to new properties developed on green field sites. Can refer to a single property or whole estates.

no capital raising
- the application is for a loan to replace the existing loan without increasing the amount owing.

non contributory pension income
- pension scheme provided by an employer into which the employee makes no payments.

non status
- loan granted without making enquiries as to the borrower's income or credit history.

not in employment
- unemployed - not in employment or receiving any regular salary; not self-employed. (Could be receiving state benefits.)

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Mortgages and remortgages

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